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Zip Code 61745: Rising Home Values and High Ownership Rates in Heyworth, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61745, located in Heyworth, Illinois, presents an interesting case study of homeownership and housing market trends. This rural area has seen fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 61745 has remained relatively high, ranging from 81% to 88% between 2013 and 2022. This trend aligns with the average home prices, which have shown a general upward trajectory. In 2013, the average home price was $169,245, and by 2022, it had increased to $213,299, representing a 26% growth over this period. Notably, there was a significant jump in average home prices from 2020 to 2022, with an increase of nearly 19% in just two years, from $178,758 to $213,299.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in zip code 61745 remained stable at around 84%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a slight dip in homeownership to 81% in 2018. However, the area saw a rebound in homeownership rates to 86% in 2020 and 88% in 2022, despite fluctuating interest rates, suggesting other local factors may have influenced this trend.
Renter percentages in zip code 61745 have inversely mirrored homeownership rates, ranging from 12% to 19% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $870, which decreased to $669 in 2020, representing a 23% drop. However, there was a sharp increase to $925 in 2021, followed by another significant drop to $657 in 2022. This volatility in rent prices doesn't appear to correlate strongly with the relatively stable renter percentages, suggesting that local market conditions and housing availability may be influencing rent prices more than demand from renters.
Looking at the most recent data, average home prices in zip code 61745 continued their upward trend, reaching $226,344 in 2023 and further increasing to $236,049 in 2024. This represents a 10.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 61745 will continue to rise, albeit at a potentially slower rate due to the higher interest rates. By 2029, average home prices could reach approximately $275,000 to $290,000, assuming a moderate annual growth rate of 3-4%. Average rent prices, given their historical volatility, are more challenging to predict accurately. However, if the area maintains its high homeownership rate and stable population, we might expect average rents to stabilize around $800-$900 per month over the next five years.
In summary, zip code 61745 demonstrates a strong preference for homeownership, with rates consistently above 80% despite fluctuations in home prices and interest rates. The area has experienced significant growth in average home values, particularly in recent years, while rent prices have shown notable volatility. The coming years may see continued growth in home values, albeit potentially at a more moderate pace, while rent prices may stabilize as the market adjusts to changing economic conditions and local housing demands.
